Bay City FHA Loan Rates, Closing Costs & Stats

BAY CITY, MI

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    • FHA loans are mortgages created in the 1930's to help insulate lenders from credit risks and help promote home ownership. The Federal Housing Administration (hence, FHA) allows for lower downpayments and credit scores-- making these loans much more accessible than traditional mortgages.

    FHA loans typically need just a 3.5% downpayment with credit scores of 580 or better. For credit scores between 500-579, the downpayment needs to be at least 10%.

    While FHA loans make home ownership much more accessible to first-time homebuyers, they do require PMI (purchase money insurance)-- an additional insurance premium that is paid to the FHA to help cover defaults.

    For additional requirements as defined by the FHA, click here.

    Bay City's 49 lenders originated 227 FHA loans during 2023. The total origination value was $28,565,000, with an average FHA loan value of $125,837.

    Bay City FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Bay City averaged 7.12% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Bay City's average FHA mortgage closing costs are $5,138.

    The average rate for the prior week (2024-04-12) was 6.71% and one month ago for the week of 2024-03-15, the average rate was 6.98%.

    The average rate one year ago was 6.51%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.06%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Bay City FHA Loan Lenders by Rates & Fees

    The below table looks at the average fees/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Bay City level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 38 6.45% $6,590
    ACADEMY MORTGAGE CORPORATION 24 6.84% $7,601
    UNITED WHOLESALE MORTGAGE, LLC 18 6.92% $7,825
    FIRST COMMUNITY MORTGAGE, INC. 15 6.78% $5,871
    MICHIGAN MUTUAL, INC. 6 6.46% $6,405
    J. VIRGIL, INC. 5 6.75% $6,816
    STAUNTON FINANCIAL, INC. 5 7.23% $7,213
    Preston Home Loans Inc 5 7.15% $6,358
    BROKER SOLUTIONS, INC. 3 6.42% $7,249
    CARDINAL FINANCIAL 3 6.63% $6,653
    DAS Acquisition Company, LLC 3 7.50% $8,062
    Equity Prime Mortgage LLC 3 6.67% $7,254
    FREEDOM MORTGAGE CORPORATION 3 6.92% $8,644
    GENEVA FINANCIAL, LLC 3 7.33% $7,113
    LAKE MICHIGAN CREDIT UNION 3 6.67% $5,817
    The Huntington National Bank 3 6.58% $4,724
    PENNYMAC LOAN SERVICES, LLC 2 6.56% $7,137
    MORTGAGE 1 INCORPORATED 2 6.06% $8,826
    LOANDEPOT.COM, LLC 2 7.18% $5,839
    Mr. Cooper ( Nationstar Mortgage ) 2 6.88% $8,980
    UNION HOME MORTGAGE CORP. 2 6.94% $8,050
    LEGEND LENDING CORPORATION 2 6.63% $9,997
    NEWREZ LLC 2 6.75% $6,641
    AMERICAN FINANCING CORPORATION 1 6.88% $6,181
    BLG HOLDINGS, INC. 1 7.50% $11,362
    MICHIGAN SCHOOLS AND GOVERNMENT 1 5.00% $3,938
    MOVEMENT MORTGAGE, LLC 1 6.63% $5,397
    NATIONS DIRECT MORTGAGE, LLC 1 7.25% $10,943
    Neighborhood Loans, Inc. 1 7.13% $6,385
    PLAZA HOME MORTGAGE, INC. 1 7.25% $7,352
    PNC Bank 1 6.75% $5,277
    BAYSHORE MORTGAGE FUNDING, LLC 1 7.63% $9,894
    Barrington Bank & Trust Company, N.A. 1 7.25% $8,175
    RELIANCE FIRST CAPITAL, LLC 1 6.38% $4,129
    ROSS MORTGAGE CORPORATION 1 6.38% $3,930
    AXIA FINANCIAL, LLC 1 8.00% $11,382
    SUCCESS MORTGAGE PARTNERS, INC. 1 7.99% $6,570
    Dort Financial Credit Union 1 6.75% $4,611
    EMM LOANS LLC 1 6.25% $15,456
    The Federal Savings Bank 1 5.75% $18,624
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 6.75% $7,213
    Citizens Bank 1 6.63% $4,726
    Fifth Third Bank 1 6.88% $1,334
    Flagstar Bank, FSB 1 6.08% $5,369
    ZILLOW HOME LOANS, LLC 1 6.75% $6,880
    GUILD MORTGAGE COMPANY 1 6.63% $8,829
    GVC MORTGAGE, INC. 1 7.00% $10,796
    HOMESTAR FINANCIAL CORPORATION 1 7.25% $2,911
    CANOPY MORTGAGE, LLC 1 7.63% $8,058

    The top Bay City FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 38 FHA loans originated. Their average total fees are $6,590, which is $1,011 lower than the next largest lender, ACADEMY MORTGAGE CORPORATION.

    The lowest fee Bay City FHA lenders (with over 10 loans originated) are FIRST COMMUNITY MORTGAGE, INC. ($5,871), QUICKEN LOANS, LLC ($6,590), ACADEMY MORTGAGE CORPORATION ($7,601), UNITED WHOLESALE MORTGAGE, LLC ($7,825) and .

    The lowest rate Bay City FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.45%), FIRST COMMUNITY MORTGAGE, INC. (6.78%), ACADEMY MORTGAGE CORPORATION (6.84%), UNITED WHOLESALE MORTGAGE, LLC (6.92%) and .

    Bay City FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    BAY CITY, MI BAY 2022 $420,680 $538,650 $651,050 $809,150
    BAY CITY, MI BAY 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Bay City (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
    2018-01-01 $87,850 (3.5%) $118,872 (4.2%) 0.00 333
    2018-02-01 $88,800 (4.0%) $124,293 (5.5%) 0.00 327
    2018-03-01 $89,900 (4.3%) $128,418 (4.5%) 0.00 302
    2018-04-01 $95,850 (6.6%) $137,364 (6.3%) 0.00 279
    2018-05-01 $97,350 (2.5%) $135,241 (1.9%) 0.00 286
    2018-06-01 $98,950 (10.1%) $136,047 (7.7%) 0.00 390
    2018-07-01 $99,900 (13.0%) $146,147 (20.6%) 0.00 387
    2018-08-01 $107,000 (22.7%) $149,864 (24.3%) 0.00 388
    2018-09-01 $109,900 (27.9%) $150,976 (26.8%) 0.00 391
    2018-10-01 $108,000 (24.6%) $145,219 (21.1%) 0.00 384
    2018-11-01 $105,575 (19.1%) $144,487 (21.7%) 0.00 375
    2018-12-01 $96,400 (7.2%) $142,129 (18.8%) 0.00 369
    2019-01-01 $94,800 (7.9%) $141,432 (19.0%) 0.00 348
    2019-02-01 $89,900 (1.2%) $141,547 (13.9%) 0.00 312
    2019-03-01 $93,457 (4.0%) $243,923 (89.9%) 0.00 292
    2019-04-01 $98,350 (2.6%) $246,983 (79.8%) 0.00 281
    2019-05-01 $102,400 (5.2%) $150,654 (11.4%) 0.00 297
    2019-06-01 $119,450 (20.7%) $163,601 (20.3%) 0.00 317
    2019-07-01 $115,400 (15.5%) $158,067 (8.2%) 0.00 330
    2019-08-01 $116,445 (8.8%) $160,240 (6.9%) 0.00 349
    2019-09-01 $117,264 (6.7%) $160,799 (6.5%) 0.00 365
    2019-10-01 $114,334 (5.9%) $160,594 (10.6%) 0.00 383
    2019-11-01 $99,900 (-5.4%) $155,554 (7.7%) 0.00 366
    2019-12-01 $94,900 (-1.6%) $150,448 (5.9%) 0.00 319
    2020-01-01 $88,275 (-6.9%) $143,454 (1.4%) 0.00 277
    2020-02-01 $89,900 (0.0%) $152,713 (7.9%) 0.00 265
    2020-03-01 $93,475 (0.0%) $155,537 (-36.2%) 0.00 248
    2020-04-01 $94,950 (-3.5%) $155,074 (-37.2%) 0.00 216
    2020-05-01 $99,900 (-2.4%) $156,472 (3.9%) 0.00 199
    2020-06-01 $117,100 (-2.0%) $167,798 (2.6%) 0.00 188
    2020-07-01 $110,225 (-4.5%) $172,528 (9.2%) 0.00 164
    2020-08-01 $115,900 (-0.5%) $942,848 (488.4%) 0.00 152
    2020-09-01 $112,625 (-4.0%) $176,584 (9.8%) 0.00 139
    2020-10-01 $109,900 (-3.9%) $160,416 (-0.1%) 0.00 134
    2020-11-01 $123,650 (23.8%) $159,572 (2.6%) 0.00 123
    2020-12-01 $127,425 (34.3%) $166,159 (10.4%) 0.00 114
    2021-01-01 $129,900 (47.2%) $173,595 (21.0%) 0.00 110
    2021-02-01 $126,650 (40.9%) $169,815 (11.2%) 0.00 92
    2021-03-01 $106,225 (13.6%) $180,650 (16.2%) 0.00 82
    2021-04-01 $161,950 (70.6%) $205,368 (32.4%) 0.00 70
    2021-05-01 $149,900 (50.1%) $195,317 (24.8%) 0.00 85
    2021-06-01 $141,175 (20.6%) $205,632 (22.6%) 0.00 120
    2021-07-01 $146,400 (32.8%) $206,550 (19.7%) 0.00 149
    2021-08-01 $137,475 (18.6%) $191,196 (-79.7%) 0.00 169
    2021-09-01 $128,400 (14.0%) $186,384 (5.6%) 0.00 175
    2021-10-01 $124,900 (13.7%) $188,410 (17.5%) 0.00 179
    2021-11-01 $121,075 (-2.1%) $175,098 (9.7%) 0.00 157
    2021-12-01 $107,350 (-15.8%) $170,322 (2.5%) 0.00 146
    2022-01-01 $103,500 (-20.3%) $169,917 (-2.1%) 0.00 117
    2022-02-01 $119,700 (-5.5%) $186,640 (9.9%) 0.00 100
    2022-03-01 $129,300 (21.7%) $191,254 (5.9%) 0.00 76
    2022-04-01 $149,900 (-7.4%) $205,438 (0.0%) 0.00 75
    2022-05-01 $152,725 (1.9%) $213,624 (9.4%) 0.00 95
    2022-06-01 $151,225 (7.1%) $197,918 (-3.8%) 0.00 119
    2022-07-01 $169,900 (16.1%) $222,625 (7.8%) 0.00 139
    2022-08-01 $174,950 (27.3%) $226,089 (18.3%) 0.00 141
    2022-09-01 $180,500 (40.6%) $215,421 (15.6%) 0.00 132
    2022-10-01 $178,700 (43.1%) $215,677 (14.5%) 0.00 137
    2022-11-01 $165,225 (36.5%) $199,913 (14.2%) 0.00 134
    2022-12-01 $159,900 (49.0%) $203,128 (19.3%) 0.00 127
    2023-01-01 $152,400 (47.3%) $200,700 (18.1%) 0.00 111
    2023-02-01 $178,500 (49.1%) $224,151 (20.1%) 0.00 92
    2023-03-01 $208,650 (61.4%) $242,878 (27.0%) 0.00 75
    2023-04-01 $177,500 (18.4%) $243,777 (18.7%) 0.00 68
    2023-05-01 $171,950 (12.6%) $230,327 (7.8%) 0.00 73
    2023-06-01 $177,450 (17.3%) $223,834 (13.1%) 0.00 88
    2023-07-01 $182,400 (7.4%) $222,773 (0.1%) 0.00 96
    2023-08-01 $179,175 (2.4%) $224,385 (-0.8%) 0.00 100
    2023-09-01 $172,400 (-4.5%) $231,585 (7.5%) 0.00 106
    2023-10-01 $157,450 (-11.9%) $218,460 (1.3%) 0.00 129
    2023-11-01 $154,900 (-6.3%) $213,245 (6.7%) 0.00 152
    2023-12-01 $155,000 (-3.1%) $208,100 (2.5%) 0.00 142
    2024-01-01 $161,400 (5.9%) $201,271 (0.3%) 0.00 134
    2024-02-01 $167,450 (-6.2%) $214,895 (-4.1%) 0.00 125
    2024-03-01 $169,450 (-18.8%) $222,124 (-8.6%) 0.00 120
    Bay City's median listing price for 2024-03-01 was $169,450, a difference of $-39,200 (-18.8%) versus the prior year and $2,000 versus the prior month.

    Bay City's median listing price comes in at 0% of the national average.

    Bay City's average listing price for 2024-03-01 was $222,124, a difference of $-20,754 (-8.6%) versus the prior year and $7,229 versus the prior month.

    For the 2024-03-01 period, Bay City had 120 MLS listings, a difference of -5 listings (-4%) versus the prior month and 45 listings (60%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Bay City (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,380 sqft
    2018-02-01 0 days 1,367 sqft
    2018-03-01 0 days 1,373 sqft
    2018-04-01 0 days 1,386 sqft
    2018-05-01 0 days 1,386 sqft
    2018-06-01 0 days 1,387 sqft
    2018-07-01 0 days 1,400 sqft
    2018-08-01 0 days 1,424 sqft
    2018-09-01 0 days 1,448 sqft
    2018-10-01 0 days 1,454 sqft
    2018-11-01 0 days 1,442 sqft
    2018-12-01 0 days 1,396 sqft
    2019-01-01 0 days 1,402 sqft
    2019-02-01 0 days 1,391 sqft
    2019-03-01 0 days 1,386 sqft
    2019-04-01 0 days 1,418 sqft
    2019-05-01 0 days 1,454 sqft
    2019-06-01 0 days 1,477 sqft
    2019-07-01 0 days 1,471 sqft
    2019-08-01 0 days 1,509 sqft
    2019-09-01 0 days 1,487 sqft
    2019-10-01 0 days 1,467 sqft
    2019-11-01 0 days 1,452 sqft
    2019-12-01 0 days 1,402 sqft
    2020-01-01 0 days 1,361 sqft
    2020-02-01 0 days 1,362 sqft
    2020-03-01 0 days 1,400 sqft
    2020-04-01 0 days 1,367 sqft
    2020-05-01 0 days 1,403 sqft
    2020-06-01 0 days 1,535 sqft
    2020-07-01 0 days 1,531 sqft
    2020-08-01 0 days 1,566 sqft
    2020-09-01 0 days 1,497 sqft
    2020-10-01 0 days 1,483 sqft
    2020-11-01 0 days 1,474 sqft
    2020-12-01 0 days 1,426 sqft
    2021-01-01 0 days 1,480 sqft
    2021-02-01 0 days 1,402 sqft
    2021-03-01 0 days 1,378 sqft
    2021-04-01 0 days 1,546 sqft
    2021-05-01 0 days 1,480 sqft
    2021-06-01 0 days 1,460 sqft
    2021-07-01 0 days 1,500 sqft
    2021-08-01 0 days 1,489 sqft
    2021-09-01 0 days 1,475 sqft
    2021-10-01 0 days 1,497 sqft
    2021-11-01 0 days 1,500 sqft
    2021-12-01 0 days 1,473 sqft
    2022-01-01 0 days 1,491 sqft
    2022-02-01 0 days 1,419 sqft
    2022-03-01 0 days 1,413 sqft
    2022-04-01 0 days 1,461 sqft
    2022-05-01 0 days 1,527 sqft
    2022-06-01 0 days 1,466 sqft
    2022-07-01 0 days 1,496 sqft
    2022-08-01 0 days 1,515 sqft
    2022-09-01 0 days 1,519 sqft
    2022-10-01 0 days 1,557 sqft
    2022-11-01 0 days 1,526 sqft
    2022-12-01 0 days 1,546 sqft
    2023-01-01 0 days 1,454 sqft
    2023-02-01 0 days 1,500 sqft
    2023-03-01 0 days 1,545 sqft
    2023-04-01 0 days 1,546 sqft
    2023-05-01 0 days 1,545 sqft
    2023-06-01 0 days 1,546 sqft
    2023-07-01 0 days 1,452 sqft
    2023-08-01 0 days 1,507 sqft
    2023-09-01 0 days 1,458 sqft
    2023-10-01 0 days 1,443 sqft
    2023-11-01 0 days 1,506 sqft
    2023-12-01 0 days 1,456 sqft
    2024-01-01 0 days 1,413 sqft
    2024-02-01 0 days 1,445 sqft
    2024-03-01 0 days 1,433 sqft
    Bay City's median listing age (time on market) for 2024-03-01 was 0 days.

    Bay City's median square footage for active listings during the 2024-03-01 period was 1,433 sqft. One year prior, the average listing was 1,545 sqft.

    FHA Loan Requirements

  • Borrowers must have a steady employment history or worked for the same employer for the past two years.
  • Borrowers must have a valid Social Security number, lawful residency in the U.S. and be of legal age to sign a mortgage in your state.
  • Borrowers must pay a minimum down payment of 3.5 percent. The money may be gifted by a family member. (Traditional mortgages do not permit gifted down payments)
  • New FHA loans are only available for primary residence occupancy.
  • Borrowers must have a property appraisal from a FHA-approved appraiser.
  • Borrowers’ front-end ratio (mortgage payment plus HOA fees, property taxes, mortgage insurance, homeowners insurance) needs to be less than 31 percent of their gross income, typically. You may be able to get approved with as high a percentage as 40 percent. Your lender will be required to provide justification as to why they believe the mortgage presents an acceptable risk. The lender must include any compensating factors used for loan approval.
  • Borrowers’ debt to income ratio (mortgage plus all your monthly debt, i.e., credit card payment, car payment, student loans, etc.) needs to be less than 43 percent of their gross income, typically. You may be able to get approved with as high a percentage as 50 percent.
  • Borrowers must have a minimum credit score of 580 for maximum financing with a minimum down payment of 3.5 percent.
  • Borrowers must have a minimum credit score of 500-579 for maximum LTV of 90 percent with a minimum down payment of 10 percent.
  • Bborrowers must be two years out of bankruptcy and have re-established good credit. Exceptions can be made.
  • Typically borrowers must be three years out of foreclosure and have re-established good credit.
  • The purchased property must meet certain minimum standards at appraisal. If the home you are purchasing does not meet these standards and a seller will not agree to the required repairs, your only option is to pay for the required repairs at closing (to be held in escrow until the repairs are complete).